Tesla repays $465M federal loan nine years early

By Karl Henkel | The Detroit News

Posted:
05/24/2013 02:04:45 AM EDT

Tesla Motors Inc. said Wednesday it has repaid its $465 million U.S. Department of Energy loan nine years ahead of schedule.

In a filing with the Securities and Exchange Commission, the California automaker said it terminated the loan and reimbursement agreement with the DOE, a significant step for the company in shedding its image of a government-backed entity.

Tesla CEO Elon Musk tweeted Monday that the automaker planned to become the first to pay off its DOE debt.

The standard repayment schedule for Ford's $5.9 billion loan and Nissan's $1.4 billion loan is 10 years. Fisker missed a loan payment, and is at risk of bankruptcy after halting output last year and firing most of its staff last month.